After Hong Kong's largest retail brokerage "Futu Securities" received approval from the Hong Kong Securities Regulatory Commission on July 8 to provide virtual asset trading services to professional and retail investors in Hong Kong, it officially issued an announcement yesterday (31st) that it would Crypto (cryptocurrency) trading service will be officially launched today, August 1st.
Pros and Cons of Trading Cryptocurrencies with Futu NiuNiu
According to an announcement from Futu Securities, Hong Kong investors can now trade Crypto through Futu’s app “Futu Niu Niu” and have three major advantages:
- 0 commission trading: There is no commission for trading Crypto, and there is no limit on the number of transactions or the amount.
- Licensed trading, safe credit enhancement: Futu Securities is the largest technology brokerage in Hong Kong. It is licensed to provide virtual asset transactions, and the safety of funds is guaranteed;
- Convenient deposits and withdrawals, direct trade between Hong Kong and US dollars: crypto exchanges need to exchange USDT, and there is an exchange rate difference. On Futu, you can directly trade in Hong Kong and US dollars, make deposits and withdrawals convenient, and enjoy real-time exchange rates.
However, the currently supported currencies only include Bitcoin and Ethereum. For investors who already have trading experience, there are currently relatively few choices.
Specific operating procedures
1. Create a cryptocurrency account
According to Futu’s official statement, users who have opened a securities account can open a cryptocurrency account through the following steps:
- In the search bar of Futu Niu Niu, enter a specific cryptocurrency code such as "BTC", click to enter its detailed quotation page, and click the "Trade" button at the bottom.
- Enter the opening transaction permission page, select "Cryptocurrency" and enter the opening process. You will need to complete a risk tolerance assessment, a virtual asset holding limit assessment, a virtual asset knowledge test, and read the relevant risk disclosures before you can open a cryptocurrency account.
2. Fund allocation
Cryptocurrency accounts must have sufficient legal currency funds to conduct transactions. Currently, only legal currency funds can be transferred from securities accounts to cryptocurrency accounts through fund transfer. The specific operation is: In the mobile App, click "Account - Transfer - Fund Transfer - Select USD/HKD - Transfer In/Out Account Select Cryptocurrency Account".
3. Place an order and trade
In the App, just enter the order transaction page to perform trading operations. You can enter the order transaction page through the following steps: click on the upper right corner to search – enter the transaction code (such as BTCUSD) – click to enter the trading pair quotation page – click on the lower left corner Trade button.
Cryptocurrency ETFs are also available for trading
